TaxConnex

MARCH 26, 2024

We are at the end of Q1 of 2024 and continue to discuss how to ensure your business is set up to get sales tax right in 2024. If you’re like the over 49% of businesses who participated in our annual sales tax trends survey and are unsatisfied with the way you are managing sales tax, then you’re in the right place.

Sales 160

Sales Tax tax return Retail 160

TaxConnex

AUGUST 10, 2023

Your online business is painfully aware of tax deadlines for income, payroll, property and other local taxes. Sales and use taxes have their deadlines, too – a dizzying number to follow, potentially with bad consequences if you miss even one. A lot of complications Currently, sales tax across the U.S.

Sales 130

Sales Tax tax return payroll 130

Going Concern

JANUARY 10, 2024

Today in clients behaving badly, the DoJ announced Friday that Las Vegas restaurateur Raul Gil, who owns and operates three Casa Don Juan restaurants in the city, is headed to prison for 37 months for evading his federal income taxes. In total, Gil caused a tax loss to the IRS of approximately $1.6

tax return 64

tax return Tax Nevada income tax 64

TaxConnex

OCTOBER 5, 2023

Automated sales tax software promises to manage your filing and payments, but there’s more to sales tax compliance. Wayfair opened the way for all states with a statewide sales tax to now have economic nexus thresholds set by dollar amount or volume of sales. Many notices are routine.

Sales 147

Sales Tax Missouri auditor 147

Ronika Khanna CPA,CA

APRIL 19, 2024

Residents of Canada are required to reflect all sources of worldwide income on their personal tax returns. not TFSA, RRSPs or FHSAs), to ensure that you have received all tax documents and report them. If you do make a withdrawal during the year, you will receive a T4RSP slip which is to be reported on your tax return.

tax return 98

tax return Tax Real Estate accounting and finance 98

TaxConnex

NOVEMBER 5, 2020

If your business has an obligation to collect and remit sales tax, then you know how complex the process can be. Automating part or all of the sales tax process is sometimes necessary to maintain compliance. However, in my experience, sales tax automation can be counterproductive in certain situations.

Technology 225

Technology Sales Tax tax return 225

TaxConnex

NOVEMBER 9, 2021

You might think that collecting the tax and filing a tax form is all you need to be sales tax compliant. Ideally, all your sales tax calculations are managed in one system to produce a single report each month with details of all your sales and use tax liabilities.

Sales 187

Sales Tax general ledger tax return 187

TaxConnex

APRIL 13, 2023

Our third annual survey of financial professionals across accounting, manufacturing, construction, software and technology, retail/eCommerce, telecom and others showed that many industries face sales tax challenges and that financial leaders continue to lean on internal resources to get the job done.

Sales 130

Sales Tax tax return audit 130

SMBAccountant

MARCH 8, 2023

One type of accounting that is well-known is tax accounting. According to Investopedia, tax accounting is “a structure of accounting methods focused on taxes rather than the appearance of public financial statements”. Tax accounting applies to individuals, businesses, and corporations.

tax accountant 130

tax accountant Tax Account accountant 130

TaxConnex

MARCH 7, 2023

Online retailers and eCommerce companies have been the focal point of taxing jurisdictions and their updated nexus laws for years. Our third annual survey of financial professionals revealed a sales tax storm in many industries. Yet these companies are unhappy about they handle sales tax.

Sales 130

Sales Retail Tax tax return 130

TaxConnex

OCTOBER 12, 2023

And one thing that can pound a stake through the heart of a promising M&A is unearthing past tax liability during due diligence. Enter past-due sales tax, a sometimes-overlooked and haunting liability that might not get the attention of, say, overdue income or property tax, until it’s too late.

Sales 113

Sales Tax audit tax return 113

TaxConnex

OCTOBER 19, 2021

You may think your business is in full compliance with your sales tax obligations nationwide – and you may well be – but America’s 10,000-plus sales tax jurisdictions love to send notices. Follow instructions or recommendations on the notice and make appropriate changes to your system to maintain sales tax compliance.

Sales 211

Sales Tax tax return Account 211

TaxConnex

MARCH 1, 2023

Sales tax compliance is riddled with risk. While these pass-through taxes are not meant to create a financial burden on a business, failure to comply can create significant risk and managing the obligations can be a burden to the team who has to manage them.

Sales 130

Sales Tax audit tax return 130

TaxConnex

JULY 26, 2022

Partnerships, just like your sales tax obligations, evolve over time. Sales tax is not a set it and forget it task, so if you’ve handed things off and aren’t sure how things are going, it may be time for a check-up with your provider. No Accountability. Who is accountable to you for resolving issues??

Sales 194

Sales Tax tax return Technology 194

TaxConnex

MARCH 2, 2021

There’s always something changing in the world of tax, especially sales tax. The Sunshine State previously bet a lot on tourism revenue making up for not taxing internet sales – but the pandemic has wrecked that industry. This affects returns for sales taking place from December through this month.

Sales 231

Sales Tax Missouri Wisconsin 231

TaxConnex

SEPTEMBER 15, 2022

If you are a business that must collect and remit sales tax, an audit is probably one of your biggest fears. Rightly so: Sales tax audits can find fault with a variety of your operations and can cost you big– if the determination goes against you. Some states will levy a penalty on you for failing to file a zero return.

audit 164

audit Sales Tax auditor 164

TaxConnex

JANUARY 12, 2023

It’s a fair bet, then, that sooner or later you’re going to be selling online into Puerto Rico, which has a sales tax. state with a sales tax has economic nexus thresholds – does Puerto Rico? Such companies must register with the Puerto Rico Department of Treasury and collect and remit Puerto Rico sales tax.

Sales 130

Sales Tax Real Estate Manufacturing 130

TaxConnex

APRIL 11, 2023

If you are a business that must collect and remit sales tax, an audit is probably one of your biggest fears. In fact, our annual survey of financial professionals on sales tax trends has ranked sales tax audits as a top worry for the third year in a row.

audit 130

audit Sales Tax auditor 130

TaxConnex

APRIL 20, 2023

If you refer to “filing taxes” most people think of income tax with its annual filing requirement. State sales tax is another beast altogether, with a dizzying number of deadlines – and, potentially, serious consequences for missing one. The states’ call Why no uniformity in sales tax requirements?

Sales 130

Sales Tax income tax tax return 130

TaxConnex

JANUARY 26, 2023

There’s always something changing in the world of tax, especially sales tax. Gary Bingel, partner-in-charge for state and local taxes in accounting firm EisnerAmper’s State and Local Tax National Tax Group, made several predictions for 2023 in sales and other taxes. Crystal ball time.

Sales 130

Sales Tax Arkansas Missouri 130

TaxConnex

APRIL 20, 2021

This time of year, everybody’s mind is on income tax preparation. And for many accountants and CPA firms, this time of year means extra-long hours and more time spent managing clients’ finances. The fact is, when it comes to many companies’ federal and state income tax returns, they don’t rely on an automated income tax return.

Sales 139

Sales Tax tax return income tax 139

TaxConnex

FEBRUARY 10, 2022

In a little more than three years since the Supreme Court’s Wayfair decision , multi-state sales tax has gone from a simple obligation for some companies that were based solely in one state to a nightmare of complying with 50 different states’ sales tax rules. sales tax or use tax).

Sales 201

Sales Tax E-commerce Alaska 201

Withum

FEBRUARY 1, 2024

Last year is a closed book for most transactions that will be reported on your 2023 tax return. However, there are some things you could do now that would simplify your tax return for 2024 and later years and also reduce the fees you pay a professional preparer. Here are some actions to consider.

tax return 59

tax return Tax Gambling tax preparation 59

SkagitCountyTaxServices

NOVEMBER 8, 2023

We all know the power of the holiday season for boosting sales — revenue-increasing opportunities abound. You might have heard about their new tax targets and started to worry as a business owner. High net worth individuals Specifically, this means taxpayers who earn over 1M and owe more than 250K in taxes.

income tax 66

income tax tax return Tax audit 66

TaxConnex

NOVEMBER 18, 2021

Most businesses don’t set out to be non-compliant with sales tax, or anything for that matter. In fact, you probably have the best of intentions of meeting your sales tax obligations in the future. But what about sales tax liability from prior months? When do your sales tax obligations and liability start?

Sales 179

Sales Tax Non-Profits audit 179

TaxConnex

DECEMBER 23, 2021

If you and your company haven’t been hit with a sales tax audit yet, congrats. In TaxConnex’s recent market survey more than one in four (26.7%) top finance professionals in a variety of industries report seeing an increase in state sales tax audits in the past two years. Sales Tax Audit Triggers.

audit 169

audit Sales Tax auditor 169

TaxConnex

APRIL 6, 2021

There’s always something changing in the world of tax, especially sales tax. The Alaska Remote Seller Sales Tax Commission has approved its “Remote Seller Sales Tax Code & Common Definitions” that would apply to local municipalities in Alaska that choose to adopt it. 10 to report use tax.

West Virginia 130

West Virginia Sales Nebraska Alaska 130

TaxConnex

MAY 11, 2021

Both the process of reporting sales tax and the level of sales tax detail required varies from state to state. Some reporting requirements that should be considered in your sales tax compliance process are: 1. Returns are typically due either monthly, quarterly, or annually. Know your Deadlines.

Sales 131

Sales Tax Colorado tax return 131

Withum

MARCH 1, 2023

Most people that prepare their own returns need someone to review it for errors or omissions. Tax Comparison Schedule When your tax return is completed, you should review the tax comparison schedule your software provides for differences. Make sure to account for every line item.

tax return 59

tax return Tax income tax Real Estate 59

TaxConnex

MAY 9, 2023

Losing an important member of your finance team can leave a big hole in many business processes, especially if most of your accounting functions are managed in-house. But what happens when you lose the person managing your sales tax obligations? What resources or tools will they need to handle this new responsibility?

Sales 130

Sales Tax audit tax return 130

TaxConnex

JULY 1, 2021

Sales tax is a significant revenue source for many states. In fact, according to the Tax Policy Center, for many states, it can comprise 25%-35% of a state’s revenue. What is a responsible party law and why would you be held accountable for your company’s missteps? Is that person you? The company? Corporate officers?

Sales 130

Sales Tax tax return audit 130

CPA Practice

APRIL 29, 2024

Cytron Filing taxes for your clients doesn’t have to be a drain on your firm’s time, energy, and resources. Wrestling with sky-high tax season burnout and subpar work-life balance. Redundant and draining tasks that eat away at a tax professional’s time and energy. By Scott H. For many, this is “business as usual” at their firm.

Tax 124

Tax tax return Technology bookkeeping 124

TaxConnex

MARCH 31, 2022

One such phrase is “sales and use tax.”. We sure know what “sales” tax is. What about Use Tax? Use tax is defined ?as as a tax on the storage, use or consumption of a taxable item or service on which no sales tax has been paid. Use tax or sales tax is due on a sale, but not both.

Tax 191

Tax Alabama Washington California 191

TaxConnex

OCTOBER 1, 2020

sales tax post- Wayfair is confusing enough. You’ve heard it before that US sales & use tax laws are some of the most confusing, but how are things done with our neighbor to the north? The tax rates. Collectively, jurisdictions in Canada do impose less diverse sales tax obligations than U.S.

Sales 132

Sales Tax tax return income tax 132

ThomsonReuters

JULY 10, 2023

Jump to: What is sales tax? Sales tax varies by state What is nexus? What is excise tax? What is VAT tax? Sales tax vs. use tax Summary Sales tax, which is a consumption tax levied on the sale of goods and services, is an important source of revenue for governments at the state and local levels.

Sales 98

Sales Tax Michigan Washington 98

MyIRSRelief

OCTOBER 3, 2022

If you own a property, a business, or are employed, you’ll likely have to pay taxes. According to the 16th Amendment in our Constitution, individuals are required to pay taxes from income sources. Taxes can be broken down into three categories: what you purchase, what you own, and what you earn. Call us today at 1-877-788-2937.

tax services 147

tax services California Tax tax preparation 147

Dent Moses

MAY 30, 2023

How Long Does the IRS Have to Assess Additional Tax? In most cases, the IRS can audit, propose adjustments, and assess additional tax up to 3 years after the later of (a) the date a return was filed, or (b) the original due date. We recommend keeping those at least seven years after reporting the sale.

tax return 52

tax return Tax audit Sales 52